It is no secret that growing housing prices have plagued Silicon Valley, and as the tech industry continues to expand, many worry that the problem will become more pronounced. Indeed, the median home price in Mountain View, headquarters of Google, stands at 1.4 million, while Cupertino, the hometown of Apple, offers homes at a median price of 1.6 million. These prices are driving even highly paid tech workers into neighboring cities where the homes are less expensive.
Martin Shkreli Subpoenas Former Lawyers
Martin Shkreli, the former hedge fund manager and founder of Retrophin and Turing Pharmaceuticals – most famous for engineering, and defending, the drastic overnight price increase of Daraprim – appears to be gearing up for another fight. This time, the fight is against his former lawyers. The suit arises from fraud charges filed by the Department of Justice after Mr. Shkreli’s price-altering program made national headlines.
Potential Issues of Self-dealing in SolarCity and Tesla Merger
Within the last decade, tech companies have risen from obscurity to multibillion dollar enterprises. Names like Microsoft, Apple, and Facebook are more prevalent than ever. Along with these companies are their larger than life CEOs: Bill Gates, Mark Zuckerberg, and the late Steve Jobs.
Can Miami Sue Banks Over Predatory Lending? SCOTUS Hears Argument
While millions were at the polls on Election Day, the Supreme Court revisited the 2008 financial crisis. In Washington, D.C., the Court heard arguments about whether Miami can sue banks under the Fair Housing Act (FHA) for discriminatory, predatory lending practices.
Virginia Court Rules Against Rolling Stone in Defamation Case
In the wake of the 2014 Rolling Stone article on the mishandling of a brutal rape at the University of Virginia, a Virginia court ruled against the magazine in favor of former dean of student affairs, Nicole Eramo. The 10-member jury came back with $3 million in damages for Eramo on November 11, citing that reporter Sabrina Rubin Elderly acted with the malice necessary for defamation liability.
The Disparate Impacts of Trump’s Proposed Tax Law Reform
President-elect Donald Trump’s tax plan, if passed by Congress, is predicted to help the rich get richer while the poor get poorer. Trump’s plan to reduce overall taxes will have the likely effect of keeping money in the hands of the 1 percent of American households, creating family “dynasties” and providing corporations with large tax cuts, while generating less income for the government and the poor.
“Brexit” Concerns Could Prompt M&A Migration
International banks have traditionally concentrated their European dealmakers in London, but after the United Kingdom’s vote to leave the European Union (“Brexit”), it is unclear whether and how much transactional activity will shift out of the U.K. The German deal market is heating up and banks are subtly shifting bankers to satellite offices in Frankfurt, indicating that Germany is in a position to absorb British banking activity.
Semiconductor Acquisitions Continue: Broadcom to Acquire Brocade
The semiconductor industry is seeing a historic wave of mergers and acquisitions in response to the industry’s slow growth and rising costs. Over $100 billion in deals have occurred in two years and more companies are exploring the growth-by-acquisition strategy in order to stay competitive. Notable mentions include SoftBank acquiring ARM Holdings for $23 billion, Intel acquiring Altera for $17 billion, and Qualcomm’s recent agreement to acquire NXP Semiconductors for $38.5 billion.
Foreign Business Worries Over Strict Chinese Cybersecurity Law
China may have added to the so-called “Great Firewall of China,” on Monday, November 7, 2016, by passing a new cybersecurity law, all part of a broader effort to define how the Internet is managed inside China’s borders. The legislation, passed by China’s largely rubber-stamp parliament, is set to take effect in June 2017. President Xi Jinping has focused Internet policymaking on so-called “cyber-sovereignty” throughout his administration. Since the advent of the Internet, the government of China has created sixty Internet regulations, many of which involve blocking Internet content or monitoring Internet access for individuals.
DiCaprio to Cooperate in Probe into Malaysia’s 1MDB
1Malaysia Development Berhad (“1MDB”), Malaysia’s state-owned investment fund, was set up by Malaysian Prime Minister Najib Razak in 2009. 1MDB was meant to boost the Malaysian economy through strategic investments, and turn its capital city, Kuala Lumpur, into a financial hub. In early 2015, however, 1MDB began to attract negative attention after missing its payments on its $11 billion debt, owed to banks and bondholders. Specifically, 1MDB missed the repayment of a $563 million short-term loan that was due in December of 2014.